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CECA Implementation: a First Look

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CECA Implementation: a First Look ISAS Working Paper No. 9 – Date: 7 February 2006 (All rights reserved) Institute of South Asian Studies Hon Sui Sen Memorial Library Building 1 Hon Sui Sen Drive (117588) Tel: 68746179 Fax: 67767505 Email: [email protected] Wesbite: www.isas.nus.edu.sg CECA Implementation: A First Look Alka Chadha• Introduction The Comprehensive Economic Cooperation Agreement (CECA) was signed between India and Singapore on 29 June 2005 to promote trade and investments between the two countries. For the first time, India has signed an all-encompassing economic pact with any country so as to benefit from gains through trade and investment flows in areas of mutual interest. This is also the first time that India has notified a Free Trade Agreement (FTA) under Article XXIV of the General Agreement on Tariffs and Trade (GATT). While, the Agreements relating to goods and services are in accordance with the provisions under the World Trade Organization (WTO), the Agreement on financial services goes beyond the WTO commitments for both India and Singapore. The idea for a comprehensive economic agreement between India and Singapore developed from discussions between the then Prime Minister of India Atal Behari Vajpayee and the then Prime Minister of Singapore Goh Chok Tong in August 2002. A joint study group was set up to draft the working of the CECA and it submitted a report in April 2003 that recommended an integrated package of agreements between India and Singapore including free trade in goods and services and investments. The CECA is a classic example of proving that the disparity in size does not matter when it comes to economic cooperation. Despite the asymmetry between two partners, since Singapore is a city-state and India, a sub-continental country, the CECA holds promises for both the countries. On the one hand, Singapore is expected to serve as a gateway for India to access the vibrant markets of East and Southeast Asia. On the other hand, India is likely to provide Singapore with its expertise and skill in high-technology areas like IT, electronics and pharmaceuticals, besides being a large market. Even though there is a requirement for value addition according to the rules-of-origin provisions, the strategic advantage to India from being a part of the East Asia architecture will outweigh the trade-related handicaps, if any. • Ms Alka Chadha is a Research Associate at the Institute of South Asian Studies (ISAS), an autonomous research institute within the National University of Singapore. She can be contacted at [email protected]. The writer would like to thank Assoc Prof Tan Tai Yong, Acting Director, ISAS, for the guidance and invaluable suggestions while writing this paper. She would also wish to thank Dr S. Narayan, Head of Research, ISAS, for his helpful comments. Key Provisions Singapore is a highly trade-dependent economy with a strategic location within the Association of South East Asian Nations (ASEAN) offering a combined market of over 500 million people. Its trade to gross domestic product (GDP) ratio at over 300 percent is the highest in the world. Free trade is a key tenet of the foreign economic policy of Singapore. Since Singapore is a free port and offers entry for all Indian products at zero duty, it will help to build supply chains by taking advantage of Singapore as a trading and entrepot hub for regions in East and South-east Asia. The agreement has built in safeguards providing rules of origin that require a minimum value addition of 40 percent to ensure that only the goods, which are actually manufactured in Singapore and India, benefit under the CECA. On the part of India, custom duties on 506 products, accounting for 80 percent of total imports from Singapore, were scrapped from 1 August 2005. These include duties on electronics, electrical instrumentation, pharmaceuticals and publishing products. In addition to this, duties would be eliminated in phases by 10, 25, 50, 75 and 100 per cent on 2,202 tariff lines by 1 April 1, 2009 and on another 2,407 lines also by 1 August 2009. A negative list comprising 6,551 tariff lines has been retained mostly for agricultural and textile items with no duty concessions. Singapore will also grant duty free access to Indian beer. The product until now attracted US$ 0.8 per litre. Further, the CECA incorporates a double taxation agreement in order to avoid double taxation of income in India and Singapore. India has amended the Double Taxation Avoidance (DTA) Agreement of 1994 to provide for sharing of information and improved tax treatment on the lines of a similar treaty with Mauritius wherein Singaporean firms can invest in India without paying capital gains tax on profits earned there. Accordingly, capital gains earned by a Singapore resident from the sale of shares in India will be liable to tax only in Singapore and since Singapore does not impose capital gains tax, residents of Singapore will face no such taxes for investments in India. As a part of the Agreement on financial services, India has granted three major Singapore banks – Development Bank of Singapore (DBS), Overseas Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB) – the right to establish wholly-owned subsidiaries in India. These banks will be accorded “national treatment” equivalent to Indian banks by giving them the operational and functional autonomy of setting up new branches subject to adherence of prudential norms as mandated by the Reserve Bank of India (RBI). Reciprocally, Indian banks, such as the State Bank of India (SBI) that is a public sector bank and the Industrial Credit and Investment Corporation of India (ICICI) that is the country’s largest private sector bank, will qualify for national treatment in Singapore. This would allow them facilities for retail banking like electronic fund transfer and setting up of automated teller machines (ATMs) and clearances rather than just corporate banking. Both the banks have submitted an application to the Monetary Authority of Singapore (MAS), Singapore’s central bank, to seek licences that would allow them to offer services from 25 premises, including branches and ATMs. Interestingly, at the recently held 6th India-European Union Summit, Chief Executive of Standard Chartered Bank group Mervyn Davies made a plea for an agreement on the lines of the CECA between India and the European Union after witnessing the success of banking operations of Singaporean banks in India. 2 Some Early Effects Trade A study of destinations for India’s exports shows that developing economies are fast emerging as important destinations in an environment of rising South-South trade. According to the RBI Bulletin (November 2005), Latin America has emerged as the fastest growing region for India’s exports during April-August 2005, followed by Africa, East Asia and the European Union. Countries like Singapore, China, Korea, Hong Kong, Netherlands, France and the United Kingdom have become the major markets for India’s exports. Table 1: Destination of India's Exports (April-August) (US $ million) Group/Country (1) (2) (3) Percentage Percentage 2003-04 2004-05 2005-06 variation (2)/(1) variation (3)/(2) P E.U. 5014.2 6215.8 7890.6 24.0 26.9 Canada 282.5 321.4 363.5 13.8 13.1 U.S.A. 4224.3 5254.2 6003.4 24.4 14.3 Australia 215.5 255.4 306.4 18.5 20.0 Japan 656.3 703.6 881.9 7.2 25.4 Latin America 517.1 680.0 1236.4 31.5 81.8 OPEC 3007.4 4580.8 5077.0 52.3 10.8 Russia 274.8 235.5 257.9 -14.3 9.5 Bangladesh 651.3 572.2 587.7 -12.1 2.7 Maldives 10.9 15.8 26.0 45.6 64.3 Nepal 235.2 331.3 251.7 40.9 -24.0 Pakistan 58.8 210.2 240.5 257.2 14.5 Sri Lanka 517.6 483.6 795.8 -6.6 64.6 China 753.9 1264.2 2017.2 67.7 59.6 Hong Kong 1146.2 1375.3 1805.9 20.0 31.3 Malaysia 312.4 440.1 374.4 40.9 -14.9 Singapore 546.8 1380.0 2313.0 152.4 67.6 South Korea 227.9 368.2 569.2 61.5 54.6 Thailand 266.1 292.5 380.0 9.9 29.9 Africa 1109.6 1425.1 2118.9 28.4 48.7 Source: Reserve Bank of India Bulletin, November 2005. Note: P- Provisional Table 1 clearly shows the tilt in Indian exports towards Singapore, having more than doubled from 2003-04 to 2004-05. The CECA negotiations during this period could have generated awareness about the potential of Singapore as a trading partner. In 2005-06, Singapore has become the fourth largest market for India's exports, after the European Union, the United States and OPEC. In fact, in the category of manufactured goods, engineering goods, led by transport equipments, metals and manufactures, machinery and parts and chemicals, were the key drivers of export growth during April-May 2005. Exports of transport equipments, accounting for about one-fourth of the expansion in manufacturing exports, was propelled by demand from France and Italy in Europe and Singapore, Korea and Thailand in East Asia. 3 Figure 1: India’s Trade with Singapore (US $ million) Figure 1, taken from the RBI Bulletin (September 2005), depicts the surge in India's exports to Singapore, which have accelerated from about US$1 billion during the mid-1990s to US$3.8 billion in 2004-05. During April-May 2005-06, India's exports to Singapore posted a growth of 88 percent on year-on-year basis, the highest growth among India's major trading partners.
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